Gemini Suspects Price Glitch, XRP Hit $50
Several members of the cryptocurrency community on X (Twitter) have posted screenshots of a price malfunction for XRP on Gemini. The screenshots show that the displayed price of XRP on Gemini has repeatedly risen to over $1, and even spiked to $50 at one point. However, according to data from CoinGecko, the current market price for XRP is $0.63.
Meanwhile, as of 1:25 AM UTC on August 11th, Gemini announced that it has conducted a comprehensive maintenance of its platform.
Gemini Relists XRP Token for Trading in Multiple Currencies
Gemini has relisted XRP token after a three-year hiatus. Trading is now active for several pairs including USD, GBP, and EUR currencies, with support for the XRP Ledger blockchain. <br>
Gemini Adds Support for XRP Deposits, Trading to Follow Soon
Gemini has announced that it will support XRP by allowing customers to deposit the asset on its platform. Trading support for XRP will follow, starting with dollars and later with other currencies. <br>
Gemini already supports XRP deposit function and will launch XRP trading service
According to official sources, the cryptocurrency exchange Gemini has added support for XRP deposits and will launch XRP trading services. Gemini reminds users to upgrade their mobile app to version 23.808.0 in order to make XRP deposits.
XRP Lawyer: Excited About XRP Removal from Coingecko's Latest SEC Securities List
Lawyer John Deaton, who supports XRP, stated on Twitter that he was excited about XRP being removed from Coingecko's latest SEC securities list. He also stated that XRP is no longer on the SEC list today. Deaton compared this development to a situation three years ago when the SEC claimed that Ripple sold over 14.6 billion units of digital assets that were considered "securities".
Coinbase cites Ripple case in bid to dismiss SEC lawsuit
Coinbase has used the recent Ripple Labs case to argue against the Securities and Exchange Commission's (SEC) case against them. The crypto exchange claims that the SEC's attempt to classify a simple asset sale as a security is an unprecedented stretch, and that the judge's recent decision with Ripple supports their argument. Coinbase also cited the major questions doctrine, which requires clear congressional authorization for an agency to decide on an issue of major national significance, as applying to their case against the SEC. The SEC and Ripple have been in a legal fight since 2020, when the agency accused Ripple of raising $1.3 billion through the sale of XRP, which it says is an unregistered security.
Charles Hoskinson Denies Involvement in XRP Conspiracy Following Alleged SEC Emails
Charles Hoskinson, the creator of Cardano and former co-founder of Ethereum, has denied any involvement in the alleged conspiracy against XRP. The denial came after a follower presented him with emails reportedly sent by a prominent SEC functionary discussing Ethereum's classification as a security. Hoskinson clarified that the emails were from 2018 and beyond, long after he had left Ethereum in 2014 due to a difference in vision with co-founder Vitalik Buterin. Hoskinson emphasized that he had no involvement in the controversy surrounding the emails.
Ripple's Chief Legal Officer Clarifies XRP is Not a Security Despite TerraForm Labs' Case Ruling
Ripple's Chief Legal Officer, Stuart Alderoty, has clarified that the recent ruling in the TerraForm Labs case does not change the fact that XRP is not a security. The confusion arose after US District Judge Jed Rakoff rejected TerraForm Labs' approach to use Judge Torres' decision in the Ripple case to dismiss the SEC's lawsuit against the company and its founder, Do Kwon. Judge Rakoff's ruling has caused confusion in the market, prompting Alderoty to provide clarity. Alderoty invited other legal experts to provide an analysis of Judge Rakoff's comment on the Ripple ruling.
XRP Retraces to 50% Fib Level as Bitcoin Struggles to Reclaim Range Low
The writer's opinion is presented and it is not financial advice. XRP's value has remained above $0.65 after a legal win against the US SEC, leading to a sharp upswing. However, XRP has retraced to the 50% Fib level due to the weakening of Bitcoin. The 50% Fib level has been a crucial rescue for bulls during the past two price pullbacks, and if the trend continues, bulls could see respite near this level.
XRP's Market Cap Reclaims Fourth Place, But Declining Demand and Profitability Raise Concerns
Ripple's XRP has regained its position as the fourth-largest cryptocurrency by market capitalization, displacing Binance's BNB coin. This was due to a surge in trading volume following a ruling that declared Ripple's sale of XRP tokens in 2020 did not qualify as the sale of an "unregistered security." However, XRP's on-chain assessment has revealed a decline in daily active addresses and new demand since mid-July, leading to a shortfall in profits.
